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• Eastnets integrates Pole Star Global’s PurpleTRAC into its SafeTrade platform for enhanced live and highly accurate vessel tracking.
• SafeTrade provides a unified platform for managing compliance, vessel monitoring, and fraud detection in trade finance.
• By centralising trade finance data, SafeTrade streamlines compliance and strengthens risk management.
Eastnets announces a major upgrade to its SafeTrade platform with the integration of Pole Star Global’s advanced PurpleTRAC technology. This enhancement equips financial institutions with real-time vessel tracking and AI-driven monitoring, crucial for addressing the escalating challenges of trade-based financial crime. It also supports adherence to stringent global regulations.
With PurpleTRAC now integrated with SafeTrade, financial institutions can track vessels carrying international trade in real-time and use AI-driven tools to continuously monitor transactions for suspicious activities. This simplifies compliance processes and enhances risk management throughout the trade finance lifecycle, making immediate action against misconduct more achievable than ever.
“Trade-based financial crime has reached a critical point. The sheer scale of the problem is staggering, with $8.7 trillion in discrepancies between perceived and actual trade values reported globally. This crime undermines economic stability, with over $1.1 trillion in illicit funds flowing through the Americas alone in 2023. With the integration of PurpleTRAC, SafeTrade’s powerful combination of advanced technologies provides financial institutions with a critical tool to address this complex issue,” said Diya Innab, Deputy CEO of Eastnets.
As global trade finance operations grow more intricate, the need for a solution that addresses all aspects of compliance has never been greater. Financial institutions face the challenge of managing fragmented data and scattered responsibilities. Detecting trade-based financial crime is made even harder by the tangled web of transactions, the diversity of involved parties, and the lack of standardised documentation. This fragmentation creates significant hurdles for maintaining effective compliance.
To addresses these challenges SafeTrade consolidates scattered trade finance information into a central digital hub and employs advanced AI to analyse this extensive data. This allows financial institutions to monitor vessel movements, verify documents, and detect irregularities that could indicate fraudulent activities. SafeTrade’s AI-driven approach continuously adapts to new trends, helping financial institutions stay ahead of evolving financial crime tactics while reducing false positives and improving detection accuracy.
“Our collaboration with Eastnets to integrate PurpleTRAC into SafeTrade brings precise vessel tracking into the broader compliance framework. With regulatory changes occurring every 12 minutes and 90% of world trade traveling by sea, real-time vessel monitoring has become essential. PurpleTRAC’s advanced features, such as global sanctions screening, detailed movement history analysis and instant alerts for high-risk activities, empower financial institutions to manage trade finance with greater accuracy and confidence,” said James Ferguson, Chief Revenue Officer at Pole Star Global.
Dalia Masad
Eastnets
[email protected]
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